ITALY: Parmalat settles claims with banking giants
The company said today (18 June) that the banks - Banca Monte Parma, ING and Merrill Lynch - had agreed to pay a total of EUR72m.
Banca Monte Parma will pay Parmalat EUR35m; both companies have agreed to withdraw all pending claims under the revoctary action.
Parmalat said it had settled all outstanding claims between the company and Merrill Lynch. The bank will pay Parmalat EUR29.1m. ING, meanwhile, will pay the Italian company some EUR8m.
The settlements bring to a close some of the lawsuits linked to its 2003 collapse under massive debt.
Italian dairy group Parmalat has posted nine-month net profit of EUR276.3m ($405.1m), boosted by settlements of legal cases over its near collapse in 2003....
Dairy Farmers has shrugged off speculation linking dairy giant Fonterra to a possible acquisition of the Australian dairy company....
Italian food group Parmalat has settled two more lawsuits it launched in the wake of its bankruptcy for years ago. The company stands to receive just under EUR23.4m (US$33.2m) from two European banks,...
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